Yum! Brands isn't your average Fortune 500 company, we like to do things a
little differently. From our world-famous culture of fun and recognition to our focus on your
career potential, Yum! puts a unique stamp on day-to-day business. You will see why the passion
of our people and the power of our brands are just two reasons there's no place like Yum!.

Yum! Brands is focused on building KFC, Pizza Hut and Taco Bell to be the
world's most loved, trusted and fastest growing restaurant brands. As a global company that
serves millions of consumers at 45,000 restaurants across more than 145 countries and
territories, we aim to make the world better by acting responsibly with respect to food, planet
and people.

Yum! Brands has over 48,000 restaurants in more than 145 countries. Our restaurant brands – KFC, Pizza Hut and Taco bell – are global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, our system opens over eight new restaurants per day, making us a leader in global retail development.

Yum! Brands has over 48,000 restaurants in more than 145 countries. Our restaurant brands – KFC, Pizza Hut and Taco bell – are global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, our system opens over eight new restaurants per day, making us a leader in global retail development.

Yum! Brands Promotes David Gibbs to President and Chief Operating Officer

LOUISVILLE, Ky.--(BUSINESS WIRE)--
Yum! Brands, Inc. (NYSE: YUM) today announced the promotion of David
Gibbs, 55, to President and Chief Operating Officer, reporting to Chief
Executive Officer Greg Creed. Gibbs, a 29-year veteran of the Company,
has served as President and Chief Financial Officer for the last two
years. In his expanded role as President and COO, Gibbs will assume
operating leadership of global KFC Division as well as the U.S. and
international businesses of Pizza Hut and Taco Bell, with the respective
brand leaders reporting to him. Gibbs will retain his current Yum!
Brands CFO role, title and responsibilities overseeing corporate
strategy, finance, supply chain and information technology, while the
Company conducts a search to identify a successor CFO.

Yum! Brands, Inc. (NYSE: YUM) today announced the promotion of David Gibbs, 55, to President and Chief Operating Officer, reporting to Chief Executive Officer Greg Creed. (Photo: Business Wire)

“I’m happy to announce our promotion of David Gibbs to President and
Chief Operating Officer. David is an extraordinarily talented commercial
leader with a strong track record of results and deep experience in all
three of YUM’s global brands,” said Creed. “He has been an invaluable
strategic partner to me during a pivotal time for Yum! Brands, from the
2016 spinoff of the China business to driving the franchise operating,
restaurant development and financial strategies that are reshaping KFC,
Pizza Hut and Taco Bell into more focused, franchised and efficient
businesses. As we enter the last year of our three-year transformation,
the Yum! Brands Board of Directors and I are confident David’s expanded
leadership will continue to shape the next wave of growth as we strive
to build the world’s most loved, trusted and fastest-growing restaurant
brands,” Creed added.

“I’m grateful for the opportunity to lead Yum! Brands in an expanded
capacity, and look forward to partnering with Greg, our global
leadership team and our franchisees,” said Gibbs. “The transformation we
started in 2016 is already making Yum! Brands a stronger company,
franchisor and investment. We’ve achieved our stated goal of 98 percent
of our restaurants being owned and operated by franchisees by the end of
2018, and are on track to deliver on our commitments for the
transformation. With three category-leading brands, a uniquely
diversified global business and more than 48,000 restaurants, YUM is
well positioned to accelerate growth and improve franchise unit
economics by leveraging our massive scale and expanding our digital
technology and delivery capabilities,” Gibbs added.

Yum! Brands CEO Greg Creed will continue leading the Company’s global
growth strategy and culture. In addition to Gibbs, the following Yum!
Brands leaders will continue reporting to Creed: Chief Marketing
Strategy Officer Ken Muench; Chief Transformation and People Officer
Tracy Skeans; General Counsel and Corporate Secretary Scott Catlett; and
the successor CFO when hired.

Since joining in 1989, Gibbs has held a variety of leadership roles in
all three of YUM’s global brands, including global strategy, finance,
general management, operations and real estate. Most recently, he served
as Yum! Brands President and Chief Financial Officer, and was the chief
architect of Yum! Brands’ financial, refranchising and restaurant
development strategy to transform the company into a capital-light, pure
play franchisor. Previously, he was CEO of the global Pizza Hut
Division, and President and CFO of Yum! Restaurants International,
responsible for growing KFC, Pizza Hut and Taco Bell outside the U.S.
and China, along with having general management responsibility for
several international markets. Gibbs also served as Yum! Chief Strategy
Officer during which time he revamped Yum! Brands’ global restaurant
operations model, as Pizza Hut U.S. CFO and in various real estate and
restaurant development leadership roles in KFC, Pizza Hut and Taco Bell.

About Yum! Brands

Yum! Brands, Inc., based in Louisville, Kentucky, has over 48,000
restaurants in more than 140 countries. The company’s restaurant brands
– KFC, Pizza Hut and Taco Bell – are global leaders of the chicken,
pizza and Mexican-style food categories. Worldwide, the Yum! Brands
system opens over eight new restaurants per day on average, making it a
leader in global retail development. In 2018, Yum! Brands was named to
the Dow Jones Sustainability North America Index and ranked among the
top 100 Best Corporate Citizens by Corporate Responsibility Magazine. In
2019, Yum! Brands was named to the Bloomberg Gender-Equality Index for
the second consecutive year.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this communication contain “forward-looking
statements.” Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts.
Forward-looking statements are based on our current expectations,
estimates, assumptions or projections concerning future results or
events, including, without limitation, the future earnings and
performance of Yum! Brands or any of its businesses. Forward-looking
statements are neither predictions nor guarantees of future events,
circumstances or performance and are inherently subject to known and
unknown risks, uncertainties and assumptions that could cause our actual
results to differ materially from those indicated by those statements.
We cannot assure you that any of our expectations, estimates or
projections will be achieved. Numerous factors could cause our actual
results and events to differ materially from those expressed or implied
by forward-looking statements, including, and without limitation: food
safety and food borne-illness issues; health concerns arising from
outbreaks of viruses or other diseases; the success of our franchisees
and licensees, and the success of our transformation initiatives,
including our refranchising strategy; changes in economic and political
conditions in countries and territories outside of the U.S. where we
operate; our ability to protect the integrity and security of
individually identifiable data of our customers and employees; our
increasing dependence on digital commerce platforms and information
technology systems; the impact of social media; our ability to secure
and maintain distribution and adequate supply to our restaurants; the
success of our development strategy in emerging markets; changes in
commodity, labor and other operating costs; pending or future litigation
and legal claims or proceedings; changes in or noncompliance with
government regulations, including labor standards and anti-bribery or
anti-corruption laws; tax legislation and other tax matters, including
disagreements with taxing authorities; consumer preferences and
perceptions of our brands; changes in consumer discretionary spending
and general economic conditions; competition within the retail food
industry; and risks relating to our significant amount of indebtedness.
In addition, other risks and uncertainties not presently known to us or
that we currently believe to be immaterial could affect the accuracy of
any such forward-looking statements. All forward-looking statements
should be evaluated with the understanding of their inherent
uncertainty. You should consult our filings with the Securities and
Exchange Commission (including the information set forth under the
captions “Risk Factors” and “Forward-Looking Statements” in our most
recently filed reports on Form 10-K and 10-Q) for additional detail
about factors that could affect our financial and other results. You
should not place undue reliance on forward-looking statements, which
speak only as of the date hereof. We are not undertaking to update any
of these statements.